At first glance, you might wonder what world class poker players can possibly have in common with entrepreneurs. Especially when you picture poker players as just a group of buddies enjoying a wager and a few beers come the weekend. However, when you look a little closer, at events like the World Series of Poker (WSOP), where players are the world’s elite, the crossover becomes more apparent. According to Forbes magazine, entrepreneurs would do well to take a little research trip to Las Vegas to the world’s largest poker tournament. However, if your business is still a glint in your eye and you can’t afford the ticket, here are a few things entrepreneurs can learn from the WSOP.
GET COMPETITIVE
The World Series of Poker is the largest poker tournament in the world. This year there are 78 events and an ever-growing number of participants. There’s the chance to win big, but you need to be competitive to come out on top. You need to possess skills, know-how and the tenacity to take calculated risks. If you want to succeed in the business world you need to be the best. You need to establish what makes you different, play to your strengths and do everything you can to get ahead. Poker players will spend hours studying the game, watching and analysing their performance and that of their opponents. Entrepreneurs should take note.
EVALUATING RISK
Poker players shouldn’t really be referred to as ‘gamblers’ – the most seasoned undeniably play a game of skill. Poker stars take a look at the information presented, apply rationale and only then do they refer to their gut to determine how to proceed. This is exactly how an entrepreneur should play the business game. Namely, don’t gamble. Evaluate risk.
WHEN TO QUIT
If you watch poker pros at work, you’ll see that the best almost always know when to quit. Folding allows them to save their cash and to return better prepared. Entrepreneurs should apply this technique. Sometimes you need to take a step back to save those all-important startup pennies. This gives you time to reassess your business plan, make it better and come back ready to win.
CONSTANTLY EVOLVING COMPETITORS
While the World Series of Poker regularly sees the same faces back in Vegas every year, usually the champions are different people. This also applies to the business world. While the stalwarts remain, there are new (often unexpected) people making a success of themselves year-on-year. Just as poker players need to adapt to the playing field, so do businesses. There is no way to guarantee you’ll come out on top every year.
